“NOA’s feedback shows how specific institutions have, in connivance with some banks, deliberately delayed payments to successful students for personal financial benefit. Some universities fail to acknowledge NELFUND’s disbursements to the students”
By Nudoiba Ojen
THE Nigerian Education Loan Fund (NELFUND), has expressed readiness to take legal action against any bank and school conniving to delay payment of the students loans to the beneficiaries.
The Director General, National Orientation Agency, Mallam Lanre Issa-Onilu,, who made the disclosure after a meeting with the NELFUND Managing Director, Mr Akintunde Sawyerr, at the weekend, said, that some unethical practices had been uncovered in the disbursement of the funds by some banks and tertiary institutions.
This was contained in a report by the Community Orientation and Mobilisation Officers (COMO) of NOA that schools and banks are conspiring to short-change the students.
While NELFUND expressed readiness to drag such erring banks and schools to court for prosecution, NOA has put in place machineries to get further feedback from students across the country for appropriate sanctions.
The Deputy Director, Communication and Media of NOA, Paul Odenyi said, “Initial reports indicated that certain university officials have been withholding vital information regarding loan disbursements, prompting immediate action from NELFUND.
“The NOA’s feedback shows how specific institutions have, in connivance with some banks, deliberately delayed payments to successful students for personal financial benefit. Some universities fail to acknowledge NELFUND’s disbursements to the students”.
NOA stated that “NELFUND MD, Sawyerr, confirmed that some institutions are failing to inform students about loan disbursements made in their names while still requiring them to pay tuition fees”.
“He said that recent findings by NELFUND have shown that some institutions have received students loan disbursements directly into their accounts yet neglect to inform the affected students or record the payments in their financial records, leading to unnecessary confusion.
“Withholding critical financial information from students is not only unethical, but also a breach of the principles on which NELFUND was founded.
“We are prepared to take legal action against any institution engaged in such deceptive practices,” he had said
Mallam Issa-Onilu, has warned the institutions and collaborating banks “to desist from such activities henceforth.
“Consequently, NOA has directed its state directorates to provide further feedback from students across the country to ensure that the Federal Government takes appropriate actions against erring schools and banks,” Issa-Onilu said.
